Demand Rises for Jackson Heights Apartments

The Jackson Heights market is heating up! According to DNAinfo, the third quarter of this year brought in the highest number of apartment sales the neighborhood has seen in five years. More than 110 apartments were sold during the third quarter, roughly 43 percent more than during the same quarter last year. The biggest spike in sales was for postwar co-ops, considering that these units tend to be cheaper than the prewar co-ops in the area. DNAinfo reports that “the average cost of prewar co-ops was $271,000, and postwar buildings averaged $197,000.” Home sales in Jackson Heights saw a boost, as well — the price of a single-family home cost around $485,000 last year, a similar home now sells for around $647,000. Home sales, however, remain low in comparison to the prewar co-op sales.